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Thalassa Holdings (THAL) Fair Value & Analysis

Energy · GB · Market cap 3.9M GBX

TH Thalassa Holdings THAL · LSE
Price£0.2350
Fair Value£0.2040
Upside-13.2%
Quality24/100
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Weak Growth
Thin margins · 0.0% net margin
negative free cash flow
Trails peers (2/8)
Narrow moat 10/100
Evidence: Low Range £0.1360 – £0.2465 Share as image

Fair value as of: Jul 11, 2026

From 1 valuation models · updated 30 days ago

Below-average quality, and screening another 13% overvalued on our models.

What matters now

  • A fairly wide model range (£0.1360 to £0.2465) leaves room in how you read the outcome.
  • Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
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Price vs Fair Value (5 years)

£0.7000 £0.2200 Fair Value £0.2040 Mar 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range £0.2200 – £0.7000 · fair‑value band £0.1360 – £0.2465 · the £0.2350 price screens above the £0.2040 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Thalassa Holdings (THAL) currently trades at £0.2350, while our model-based Fair Value estimate is £0.2040, implying the stock looks roughly 13.2% overvalued today. The Quality Score stands at 24/100 (below-average quality), in the Energy sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: low).

Trailing-twelve-month revenue stands at £17.8K. Revenue declined 64.1% year over year. It earns a return on equity of -14.3%. Fundamentals as of Jul 11, 2026

Our scenario range runs from £0.1360 (bear case) to £0.2465 (bull case); at £0.2350, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Energy peers we cover trades at -36% fair-value upside, at -13%, THAL screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
NCAV (Graham) £0.2600 £0.3500 £0.5300 50
All 1 models by family
Asset-Based
NCAV (Graham) £0.2600 £0.3500 £0.5300 50

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Key figures & financial health

Revenue (TTM) 17.8K GBX
Revenue growth (YoY) -64.1%
Return on equity -14.3%
Free cash flow −325K GBX FY2025
Operating margin -3,314%
EPS (TTM) £-0.0800
More key figures
EPS growth (YoY) -97.6%
Net cash 144K GBX FY2025

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 24/100

Of which business quality 27 · Market factors (momentum, volatility) 55

Profitability 0
Margins and returns on capital today
Quality Growth 32
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 76
Balance sheet, leverage, solvency risk
Investment 67
Disciplined investing over empire-building
Low Volatility 97
Calm price path (market factor)
Momentum 44
Price trend over the last 3–12 months (market factor)
52W Momentum 28
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Thalassa Holdings Limited, a holding company, engages in the research and development of autonomous underwater vehicles in the British Virgin Island. Thalassa Holdings Limited was incorporated in 2007 and is based in Road Town, the British Virgin Islands.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Thalassa Holdings reported revenue of £17.8K in FY2025 versus £139K in FY2021, a compound −40.2%/yr. Reported net income was −£1.4M in FY2025.

Growth Quality 0/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
£17.8K
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−60.9%
Avg. growth/yr (16Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−17.7%
Revenue −40.2%/yr
FY21 £139K
FY22 £296K
FY23 £536K
FY24 −£219K
FY25 £17.8K
Net income
FY21 −£2.0M
FY22 −£1.4M
FY23 −£892K
FY24 −£1.0M
FY25 −£1.4M

THAL screens 13% overvalued. Compare with SLB N.V →

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Cite: Fair Value Calculator (2026). "Thalassa Holdings Fair Value". https://www.fairvalue-calculator.com/stock/THAL

Peer Group

Oil & Gas Equipment & Services · 191 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 27 · Bottom 25%
Fair Value upside −13% · Above median
Return on assets -4% · Bottom 25%
Net margin (TTM) 0% · Below median
Revenue growth -64% · Bottom 25%

Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper

P/B 0.60× · Cheaper than median
PEG 1.79× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 16 · sector 0
FUTURE 0 · sector 0
PAST 0 · sector 28
HEALTH 0 · sector 92
DIVIDEND 0 · sector 31

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
SLB N.V SLBN 836.00 MXN 533.97 MXN -36%
Baker Hughes Company BKR $55.95 $33.55 -40%
TechnipFMC plc FTI $74.57 $27.57 -63%
Halliburton Company HAL $35.22 $21.50 -39%
Tenaris S.A TS $57.16 $45.68 -20%
Yantai Jereh Oilfield Services Group 002353 ¥138.79 ¥34.17 -75%
Saipem SpA SPM €4.20 €2.72 -35%
Subsea 7 S.A SUBC kr 319.00 kr 227.98 -29%
China Oilfield Services Limited 601808 ¥12.08 ¥12.64 +5%
Gaztransport & Technigaz SA GTT €188.10 €95.01 -49%

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Frequently asked questions

Is Thalassa Holdings (THAL) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of £0.2040 versus a price of £0.2350, about −13% (overvalued).
What is the fair value of THAL?
Our model-based fair value for Thalassa Holdings is £0.2040 (as of Jul 11, 2026), built from audited fundamentals. The current price is £0.2350.
What is the quality score of THAL?
Thalassa Holdings has a Quality Score of 24/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Thalassa Holdings (THAL)?
Thalassa Holdings reported trailing-twelve-month revenue of about £17.8K (latest available figure, as of Jul 11, 2026).
What is the net profit margin of THAL?
The net profit margin of Thalassa Holdings is about 0.0%, meaning it keeps roughly 0.0% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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